RBI mobilizes $40.82 billion through concessional swap facility by July 31
The Reserve Bank of India (RBI) announced that its concessional swap facility, designed to encourage foreign currency inflows, had mobilized $40.82 billion by July 31. Introduced on June 5, the facility has garnered significant interest and attracted steady forex inflows. This initiative is part of a broader series of steps taken by the RBI to strengthen India's balance of payments, including offering concessional swaps for fresh FCNR(B) deposits, OFCB, and ECB inflows. The measure aims to enhance liquidity and stability in the foreign exchange market.
Key Points
- RBI's concessional swap facility mobilized $40.82 billion by July 31.
- The facility was introduced on June 5 to encourage foreign currency inflows.
- It has attracted steady forex inflows and significant interest.
- The initiative is part of RBI's efforts to strengthen India's balance of payments.
- Other measures include concessional swaps for FCNR(B) deposits, OFCB, and ECB inflows.
Exam Facts
- Amount mobilized: $40.82 billion.
- Date of mobilization: till July 31.
- Facility introduced: June 5.
- Types of inflows: FCNR(B) deposits, OFCB, ECB.
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